Following
this morning's dismal employment sub-index from Chicago Fed PMI and
the recent Philly Fed employment sub-index, the 'data' suggests that
this week's (now confirmed by the BLS that NFP will be released on
Friday as scheduled) payroll data could be the first negative print since September 2010.
Of course, we are sure that pre-emptive Sandy 'action' and seasonal
adjustments will explain away any miss from the current +125k estimate. Is this why the market is not levitating on moar broken windows?Chicago PMI Misses After Early Leak, Contracts; Employment At 33 Month Low
Half an hour ago, just as the NYSE was preparing to unleash the AAPL selling onslaught, MarketNews released an errant PR in which it indicated that the Chicago PMI missed, coming at 49.9, or well below expectations of a 51.0 print. A few minutes ago MarketNews officially broke the Chicago PMI embargo early, and the early leak was confirmed, with the October PMI printing indeed at 49.9, a modest increase from 49.7 in September, but missing expectations for the third month in a row. And once again the headline belied how ugly the underlying data was, which as even MNI explained, saw the employment index slide to 50.3 from 52.0, and just barely above contraction. Either way, this was the lowest print in 33 months. Surely this will be enough for another massive NFP beat on Friday.Dark Knight Capital... Again
Dear Valued Client,As per Knight’s request below, please route away from Knight. If a client routes an order to Knight, the order will be rejected by our system. Information on existing orders will still flow back from Knight.
How Wall Street's Bankers Survived Sandy
For
millions of common people in New York and New Jersey, Sandy has been a
historic disaster, with leaving ruined, homeless or forced to live in
the dark and cold indefinitely. Sandy was a historic event for the Wall
Streeters (a term used loosely as many of them reside in midtown or in
Connecticut) among us too. And now, courtesy of Bloomberg's Max Abelson, we see how some of them managed to (just barely) scrape through...Stock, Gold, Silver, Etc Are Highly Correlated
Those looking for a Frankenstorm in stocks* (implying something more than a
correction) be advised that gold and gold stocks would offer little
downside protection without a significant change in the current monetary
system. Gold will not soar as the stock market crashes (see table). This
is not a repeat of the 1930's. Roosevelt confiscated gold to end hoarding
of tangible cash, so a...
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content, and more! ]]
Calls For Austerity Will Go Silent
Headline: Eurozone unemployment hits record high NEW YORK (CNNMoney) --
Unemployment in the eurozone rose in September to a record high of 11.6%,
the European Commission's Eurostat statistics agency reported Wednesday.
This figure was a slight increase from 11.5% in August. The increase is
more significant compared to September 2011, when the unemployment rate was
10.3%. The number...
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content, and more! ]]
Video: Year End Rally Or Fall Out?
Related: iShares MSCI Emerging Markets Index ETF (EEM), SPDR SP 500 ETF
(SPY)
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Next Year Is Going To Be Very Bad For US Stocks
Next year is going to be very bad in the American stock market. Remember,
we have an election this year. The government is doing everything it can to
get re-elected. So next year is going to be a disaster. - *in MoneyNews*
Related: SPDR S&P 500 ETF (SPY), PowerShares QQQ Trust ETF (QQQ), ProShares
UltraShort QQQ ETF (QID), SPDR Dow Jones Industrial Average ETF
(DIA), Technology SPDR ETF (XLK)
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street J... more »
Hurricane Sandy cost may hit $50 billion
Headlines such as one below will be followed by the inevitable MSM spin
that reconstruction will be good from the economy. Headline: Hurricane
Sandy cost may hit $50 billion WASHINGTON — Superstorm Sandy will end up
causing about $20 billion in property damages and $10 billion to $30
billion more in lost business, according to IHS Global Insight, a
forecasting firm. In the long run,...
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content, and more! ]]
Weak Hands Freakout, Strong Hands Plan
The weak hands freak out while the strong hands plan. A-wave (up) to B-wave
(down) represents consolidation to transfer control of the trend. Three
counts of accumulation/distribution mark terminate the B-wave. The third
count tends to be statistically concentrated as the invisible hand pushes
hard to control the trend. Chart: London PM Fixed Gold and GLD (ETF) Total
Assets WA...
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content, and more! ]]
Greece delays austerity vote, warns of 'chaos'
As long as interest rates remain below dividend yields, expect capital to continue flowing into gold, silver, and stocks to the point of extreme concentration (buying climax) despite all pessimism and a growing number of calls for austerity. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]2 Refineries, 3 Nuclear Sites, And 6.25 Million Residents Still Dark
The US Department of Energy has just released their latest storm damage report for Sandy and it does not make for good reading. Over 50% of New Jersey residents remain without electricity and almost 2 million people in New York state alone. Port Reading (Hess) and Linden (Phillips) refineries remain shutdown (about 308,000 barrels per day or 26% capacity offline),
and 3 nuclear sites (Salem, Indian Point, and Nine Mile Point) remain
offline and many of the others are at dramatically lowered output (only 52% of capacity online!). Not good...Citibank.com Down
Wet server? It's all Sandy's fault!
Ramp, Rejected
The US equity market refuses to copycat its Canadian cousin... "what goes up in a linear low-volume rampapalooza, comes down in a parabolic high volume dumpfest..."
Stocks Open Up, But Are Fading Fast As AAPL Plunges
Weak
earnings over the last few days, notable weakness in Canadian GDP this
morning and two dismal prints for Chicago PMI (early) and
NAPM-Milwaukee all dragged on S&P 500 futures into the open. From
strong overnight gains, ES was exactly at Friday's highs when the
day-session opened. AAPL immediately dropped further from pre-open -
down more than 2.5% at $586 (<200dma -="-" note="note" strong="strong">average trade size so far this morning is extremely high for AAPLYour support is needed...
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Greece Releases Another Budget, Hilarity Ensues
If the just released 2013-2016 latest re-re-revised budget out of the Athens Finance Ministry (whose basement was forever memorialized in the following picture) is all Greek to you, it's because it is. But even it wasn't, it would still be absolute gibberish and yet another failed study in the analysis of animal entrails in order to predict the future. Why? We have extracted merely one data series: the brand new debt/GDP (ignoring for a second the -4.5% 2013 GDP forecast - already 0.5% worse than the just released IMF forecast for Greece for the same period and certainly worse than the May forecast of 2013 "growth"), and have compared it to the Debt/GDP "forecast" as of May 2010, when the first Greek bailout was announced. The numbers speak for themselves.
Putting Sandy In Destructive Context
Given Sandy's status as 'worse than the worst case', it is perhaps not surprising that our estimate of the total cost being in the $50-100 billion range
is not totally off mark given the discussions that ensued. By
comparison Katrina's total loss/damage cost was $108bn. BofAML is a
little more hopeful with estimates in the $10-20bn range - which seems
optimistic to us, and further note that while it is a big hit to
wealth, once the offsetting effects (Keynesian broken windows?) are
taken into account, it will likely have a very small impact on economic
growth. Sandy is still in the Top 5 in terms of economic
damage among modern hurricanes, and as BofAML adds, ironically, Sandy
may even contribute further to the policy bickering in Washington. With
so much of our central-banker-in-chief's efforts focused on raising our wealth perception, we wonder if this will have greater implications than merely the physical damage.For Once Europe Was Right: AAPL Sliding Pre-Open
We noted yesterday that European traders in the USA's 'first stock' AAPL were far less sanguine about the recent dismissals than the plthora of bloviators appearing in ouyr screens to calm down the maddening crowd. It seems, from pre-market trading, that Europe was right. AAPL is down 1.2% (with the market broadly up 0.5%), trading below $600 at $596 (inching closer to its 200DMA recent lows at $588), retracing much of its 'v-shaped' recovery from Friday.
Only Global Banks Will Benefit From A Cyber-Attack On The U.S.
A cyber attack does not have to be limited to a single country and its networks. It could be used to strike multiple countries and fuel a global firestorm of systems failures. Globalists need a macro-crisis, a world-wide catastrophe, in order to present their “global solution” to the desperate masses. This solution will invariably include more dominance for them, and less freedom for us. A global crisis can also be used to manipulate various cultures to forget concerns of sovereignty and think in terms of one-world action. Surely, a worldwide breakdown can only be solved if we “all work together and all think alike”, right...? Without a doubt, a cyber attack serves the interests of elitist entities and banking monstrosities like nothing else in existence. Set off a nuke, start WWIII, turn the U.S. dollar into stagflationary dust; a cyber attack tops them all, because a cyber attack can lead to them all while maintaining deniability for the establishment. The fact that whispers of cyber threats have turned into bullhorn blasted propaganda should concern us all. Are we being conditioned for a cyber event in the near future? That remains to be seen. However, none of us should be surprised if one does occur, especially in light of the many gains involved for globalists, and all of us should be ready to dismantle and expose any lies surrounding the event before the American public is whipped into a 9/11 style frenzy yet again
Frontrunning: Halloween 2012 Edition
- In Darkened NYC, Safety On The List Of Concerns (AP)
- New York Subway System Faces Weeks to Recover From Storm (Bloomberg) ... as we said
- Power Outages May Last More Than a Week (WSJ)... same
- U.S. stock markets to reopen on Wednesday after storm (Reuters)
- Questions Cloud Market Reopening (WSJ)
- Apple revolution shows signs of reboot (FT)
- Euro Chiefs Set to Grant Greece Extension Amid Squabbles (Bloomberg)
- Italy Bank Poll Casts Shadow Over Savings (WSJ)
- Shocked UBS staff take to Twitter (FT)
- Corporate China hit by unpaid bills (FT)
- Panasonic Posts Loss of Nearly $9 Billion (WSJ)
- BoJ independence called into question (FT)
- Barclays hit by fresh U.S. investigations (Reuters)
- Adoboli’s Girlfriend Said Confess, Co-Worker Said to Run (Bloomberg)
Today’s Items:
The number of Germans, that are now out of
work and a part of the walking dead, increased to 2.92 million, an
increase of over 20,000. The German economy may contract in the fourth
quarter as slowing global growth and Europe’s debt crisis crimp demand
for its exports. It is less than one year to Germany’s election and
these numbers should have Merkel worried.
UBS announced 10,000 layoffs and the
people who were laid off found out when their door passes just stopped
working when they tried to get into their offices. Oops… No letter,
no pink slip… You just can’t get in. How is that for a trick or
treat?
James Turk states that the situation
concerning Germany’s gold reserves is receiving increasing attention
because gold reserves are one of the pillars underlying any country’s
sovereignty. He goes on to say that there is an ongoing scramble to
turn paper-gold into physical metal because trading has now moved from
the hedge fund community to central banks. What this really means
folks is that Central banks are quickly and quietly returning to the gold standard. At any rate, a ship with 700 tons of gold ore has gone missing off of Russia. Hmm… Sounds like a Central Bank opportunity folks.
After quality and safety were called into
question, both the Italian and Swiss governments banned the sale of the
Novartis flu vaccines. At this point, no illnesses have been
reported. Makes you wonder why the US Government is still allowing this
poison to spread meningitis across the US. Are they trying to create a
nation of zombies or something?
Well, this is a battle that one honestly
doesn’t know who to root for. China’s People Daily, run by the China’s
Communist Party, has accused the ghouls at The New York Times of
“faking” and “distorting” news and being a government “propaganda tool.”
This is in response to a New York Times hit piece on the Chinese
leadership about their hidden fortune. The Chinese paper goes on to
describe The New York Times having no journalistic integrity. Nothing
new there.
This video says it all folks.
Apparently, Obama, and his administration, knew what was going on
regarding Benghazi in real time; however, they actually made the
situation even worse by actively preventing the military and
intelligence experts to do their jobs. In the weeks that followed,
people began to get somewhat close to what was going on and that is
when, Hillary first, then Obama have tried to distract everyone by
claiming partial, and non-descriptive, responsibility hoping that the
mess, so close to the election, would go away. Simply put, we still do
not know the truth and some will work to ensure we never will.
Period!
Environmentalists are horrified! One
piece of plastic was discovered by the Curiosity Rover and they figured
out what is was. It is a piece that is a part of the rover itself.
Oh… The horror of it all. We are trashing Mars!
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